You can have any number of IRAs (I have two, one ROTH). The limitation is in the amount you can contribute. The current $3K max is the total of all your contributions to IRAs. Therefore, I could put $2K in one IRA, but then I could only contribute $1K to the other(s). Of course, educational IRAs are different, as are a few others. Check out the Fool's IRA tutorial for more info...